European Union industry hit hard by anti-Russian sanctions

Europe's industry is suffering huge losses due to the EU energy crisis, says expert Nikita Maslennikov.

According to him, the sanctions imposed on Belarus and Russia badly affected the Western countries. Especially on Germany, as the reduction of Russian gas supplies caused difficulties in the petrochemical and economic sectors.

Nikita Maslennikov, head of Finance and Economics at the Institute of Contemporary Development:

“Several hundred billion euros has been lost by the European economy during these years of building up anti-Russian and anti-Belarusian sanctions. At the same time, the EU energy sector has received a serious blow. Further prospects are quite complicated, because they are practically cut off from the rest of even Russian gas supplies, because the agreement that was signed several years ago with Ukraine on gas transit is terminated. And, in fact, when there is a gas crisis, it hits the industry of European countries quite seriously. And of course, Germany was hit first of all, because the reduction of Russian energy supplies is followed by problems in the petrochemical and chemical sectors of the economy”.